true / false

True / False 1. The AICPA issues the CPA certificates. 2. Workpapers provide a record of the audit procedures performed, relevant audit evidence obtained and the conclusions the auditor reached 3. Workpapers provide evidence of the auditor's basis for concluding on the achievement of the auditor's overall objectives ACC 4354 - Chapter 1 Week 2) Homework #2 4. The most important benefit of having an annual audit by a public accounting finn is to provide assurance to investors and other outsiders that the financial statements are dependable. 5. Management can avoid responsibility for the financial statements by retaining independent auditors 6. Individual States (example: Illinois, Wisconsin, etc.) creates the CPA Exam, while The American Institute of Certified Public Accountants issue CPA certificates and permits CPAS to practice. 7. The Sarbanes-Oxley Act of 2002 was enacted by Congress in response to a series of highly visible financial reporting trauds and audit failures that undermine investor confidence in the US, Capital markets